90.2K

Verified Solution

Link Copied!

part 2

part 3

part 4

part 5

Required information [The following information applies to the questions displayed below) On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred November 11 Sold 70 razors for 55,600 cash Novenber 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 14 razors that were returned under the warranty December 16 Sold 210 razors for $16,800 cash. December 29 Replaced 28 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 140 razors for $11,200 cash, January 17 Replaced 33 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. View transaction list 12 Journal entry worksheet Record the cost of goods sold for 70 razors, Note: Enter debits before credits General Journal Debit Credit Date November 11 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the estimated warranty expense at 8% of November sales. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry View transaction list Journal entry worksheet Record the estimated warranty expense at 8% of November sales. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry uired information View transaction list Journal entry worksheet Note: Enter debits before credits Date December 09 General Journal Debit Credit Record entry Clear entry View general Journal Required information Journal entry worksheet 1 2 3 [5] 6 7 8 12 > Record the sales revenue of 210 razors for $16,800 cash. Note: Enter debits before credits. Date December 16 General Journal Debit Credit Record entry Clear entry View general journal Required information Journal entry worksheet Record the cost of goods sold for 210 razors, Note: Enter debits before credits General Journal Date Decomber 16 Debit Credit Required information Journal entry worksheet Record the replacement of 28 razors that were returned under the warranty. Note: Enter debits before credits Date December 29 General Journal Debit Credit Record entry Clear entry View general journal Required information Journal entry worksheet Record the estimated warranty expense at 8% of December sales. Note: Enter debits before credits Date General Journal December 31 Debit Credit Record entry Clear entry View general journal Required information Journal entry worksheet 11 12 Record the replacement of 33 razors that were returned under the warranty. Note: Enter debits before credits General Journal Debit Credit Date January 17 Required information 5 Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer